Abu Dhabi sovereign wealth fund ADQ and other three institutions plan to cooperate to launch Dirham stablecoin

PANews reported on April 29 that according to Interface News, on April 28, UAE International Holdings Corporation (IHC), sovereign wealth fund Abu Dhabi Development Holdings Corporation (ADQ) and Abu Dhabi First Bank (FAB) announced plans to launch a new stablecoin backed by UAE Dirham, which will be completely regulated by the UAE Central Bank and issued by the UAE's largest bank FAB. The stablecoin requires approval from regulatory authorities.

The statement said the stablecoin will become a reliable digital currency used by citizens, consumers, businesses and institutions in various daily scenarios.